And to mark the occasion, the Charlotte Observer offers up an informative look at the outlet mall business model. A highlight:

“Off-price … is growing much faster than the rest of the retail industry,” Saks’ owner, Hudson Bay Co., wrote in its annual report to investors. The company also noted there’s “very little overlap” between customers who shop its full-price and outlet stores.

Because there’s so little overlap, Hudson Bay told investors it’s confident it can open more Saks Fifth Avenue Off 5th stores “without cannibalizing our full-line business or harming the Saks Fifth Avenue brand.”